Ethereum has plunged lower over the past day as a result of strong selling pressure in the altcoin market. It began with XRP, which began to drag lower after it was revealed that the U.S. Securities and Exchange Commission (SEC) would be suing the Ripple company.
ETH now trades for $590 but traded as low as $550 just 30 minutes ago on leading centralized exchanges. The market moved so fast that the cryptocurrency did not reach that level on decentralized exchanges.
Chart of ETH's price action over the past few weeks with the recent price action on the right of the chart.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Ethereum Plunges Under $600
Many still are not too sure what exactly happened to Ethereum and the rest of the cryptocurrency market there.
Analysts say that Ethereum needs to close above the $600 region to ensure that it remains in a technically bullish position. The chart below was shared in the wake of the dump, showing that ETH is currently below key technical support levels that held for almost the entirety of the rally over the past three months.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Plunges Under $600 as Altcoins Crash